Cost overruns of 705 Central projects up at Rs 317,130 cr

New Delhi, May 18 (UNI) The Government today admitted that the anticipated completion cost of 705 Centrally funded projects under construction had escalated to Rs 317,130.56 crore against the original sanctioned cost of Rs 270,644.35 crore.

Minister of State (Independent charge) for Statistics and Programme Implementation G K Vasan, in a written reply, said that the oldest of these projects was sanctioned during 1974.

As on January one, 2006, there were 705 central sector projects each costing Rs 20 crore and above involving 16 sectors.

To a related quetion, the Minister said Online Computerised Monitoring System (OCMS) for project monitoring had been set up to facilitate monitoring of milestones on Central projects each costing Rs 20 crore and above on a monthly basis.

Though the likely cost incurred in its installation was Rs 184,42,080, the OCMS would help the administrative ministries concerned in taking remedial measures without delay as the information will reach them with least time lag, the Minister told the House.

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